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Mr. Sandy MacDougall reports
NORAM RECEIVES RESULTS FOR CVZ-79: HIGH-GRADE INTERCEPT OF 260.0 FT (79.2 M) AVERAGING 1185 PPM & HIGH OF 1660 PPM
Noram Lithium Corp. has successfully completed CVZ-79 (PH-05) and released the final assay results. The company completed core hole CVZ-79 at a depth of 503 feet (153.3 metres). Sampling for assay began at 30 ft (9.1 m) and continued to the bottom of the hole, an interval thickness of 260.0 ft (79.2 m) was intersected from 100 ft (33.5 m) to 360 ft (109.7 m). The hole ended in mineralization and the weighted average lithium values present were as displayed in the attached table.
"CVZ-79 was one of the holes near the eastern edge of Noram's Zeus property. At this location, it is anticipated that it will add substantially to Noram's indicated lithium resource and will reassign a large portion of the current inferred resource into the indicated category," comments Brad Peek, vice-president of exploration and geologist on all six phases of Noram's Clayton Valley exploration drilling.
The samples were analyzed by the ALS laboratory in Reno, Nevada. Quality assurance/quality control samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek, MSc, CPG, who is a qualified person with respect to Noram's Clayton Valley lithium project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium is a well-financed Canadian-based advanced lithium development-stage company with less than 90 million shares issued and a fully financed treasury. Noram is aggressively advancing its Zeus lithium project in Nevada from the development-stage level through the completion of a prefeasibility study in 2022.
The company's flagship asset is the Zeus lithium project, located in Clayton Valley, Nevada. The Zeus project contains a current National Instrument 43-101 measured and indicated resource estimate of 363 million tonnes grading 923 parts per million lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December, 2021, a robust PEA (preliminary economic assessment) indicated an after-tax net present value (8 per cent) of $1.3-billion (U.S.) and internal rate of return of 31 per cent using $9,500 (U.S.)/tonne lithium carbonate equivalent (LCE). Using the LCE long-term forecast of $14,000 (U.S.)/tonne, the PEA indicates an NPV (8 per cent) of approximately $2.6-billion (U.S.) and an IRR of 52 per cent at $14,250 (U.S.)/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159
For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is notcomprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results,performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in theAgreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to,regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this newsrelease are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placedon such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in thedisclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as aresult of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral ResourceEstimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABHEngineering (December 2021).
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